Physicians Insurance has purchased the EMPAC and SCRUBS risk retention group management companies, to strengthen its footprint in the US alternative risk financing platform.
The transaction also adds new expertise to core competency of Northwest-based medical professional liability insurer, and creates nationwide alternative risk financing options for healthcare providers and facilities.
Upon the successful completion of the transaction, Physicians Insurance will be able to provide alternative risk financing options to physicians, clinics, hospitals, their respective single/multi-state associations, and other healthcare facilities, said the underwriter.
Physicians Insurance president and CEO Mary-Lou Misrahy said, "It leverages our leadership role and enables us to respond to changes in the health care environment. Some of these changes are forcing medical professionals and facilities to rethink their risk financing options, and now they have another tool in their toolbox."
"By providing different risk financing options we are able to collaboratively work with groups in new and exciting capacities to lower their risk exposure."
Physicians Insurance offers a wide variety of insurance products to physicians, clinics, and hospitals in Washington, Oregon, and Idaho, US.